In a note out tonight, Deutsche Bank's George Saravelos explains
why
the outcome in Greece is, in his words, "a significant
market-negative surprise."

Basically, the two big pro-austerity parties got a stunningly low
32% of the vote, meaning that the overwhelming intention of
voters was "anti-programme" (against the existing austerity
deal). That makes it extremely unlikely that the current
cuts-for-bailouts deal can go ahead easily.

Saravelos sees three outcomes.

It's not incredibly likely, but it's still possible that a
solidly pro-programme coalition can be cobbled together in
parliament. We'll know more in the next couple of days.

A more likely outcome is that a broader coalition government
is built, but with an explicit mandate to renegotiate the
bailout, instantly creating Euro-wide uncertainty.

And finally, it's possible that new elections will be called
for this summer, which would throw the whole bailout deal into
question, since those elections would be timed right around the
next time the next tranche of bailout aide is coming.